1st half Study Guide

1st half Study Guide

5th Grade

20 Qs

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1st half Study Guide

1st half Study Guide

Assessment

Quiz

English

5th Grade

Practice Problem

Medium

Created by

Ryan Borkowski

Used 3+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is an effective strategy for personal saving?

Wait until the end of the month and save whatever is left in your checking account

Save a certain percentage of each paycheck and deposit it directly into a savings account

Cover all of your wants and needs and save whatever is left over

Take out a payday loan so you can save before you receive your paycheck

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

All of the following statements about bank accounts are true EXCEPT...

If the bank is FDIC-insured, your money, up to the FDIC limit, is safe even if the bank fails

Many banks pay interest on the money you deposit into your savings account

Historically, savings accounts earn higher returns than investments in the stock market

Money in a checking account is usually easy to access via ATM, debit card or check

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

All of the following are true about prepaid cards EXCEPT...

Prepaid cards typically include a lot of fees

Prepaid cards are a useful option for someone who is unbanked to make online purchases

Prepaid cards are a great way to build credit

Prepaid cards are usually accepted anywhere that debit and credit cards are accepted

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for...

Retirement, a house down payment, college tuition

A new cell phone, college tuition, a house down payment

A new cell phone, dinner with friends this weekend, a new bike

Retirement, college tuition, a vacation

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?

A. Aunt Tina gets a paycheck one month, and her husband gets a paycheck the next month; they alternate pay periods

B. Aunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expenses

C. Aunt Tina and her family have high paying jobs and don’t worry much about money

D. Aunt Tina only receives paper paychecks instead of direct deposit

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following transactions will REDUCE your checking account balance immediately?

Writing your monthly rent check which you will mail tomorrow

Using your debit card to pay for groceries at the supermarket

Using your credit card to pay for your school books

Depositing a check at a local bank branch

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

FDIC Insurance is...

Optional coverage consumers can purchase so that their bank deposits remain safe

Insurance bank branches can buy to protect their business against fraud and scams

Required if you want to do online or mobile banking

Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business

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